Table 1 Descriptive statistics and mean...

Table 1

Descriptive statistics and mean difference test

Panel A. Descriptive statistics (n = 1,976)
Variables	Mean	Std. dev	Minimum	Q1	Median	Q3	Maximum
Dependent variables
DEVIATION1	0.009	0.702	−0.997	−0.454	−0.044	0.273	3.662
DEVIATION2	0.631	0.666	0.042	0.293	0.442	0.691	6.175
DEVIATION3	0.211	0.227	0.037	0.106	0.140	0.226	2.844
DEVIATION4	1.583	1.237	0.230	0.856	1.193	1.790	6.708
Independent variable
TRUSTTL	21.672	18.056	0	10	17	28	183
Control variables
INSTOWN	0.590	0.316	0.000	0.375	0.700	0.848	0.999
BDINDEP	0.666	0.182	0.000	0.600	0.600	0.800	1
ROA	0.152	0.142	−0.288	0.061	0.133	0.232	0.661
INVREC	0.509	0.186	0.101	0.375	0.499	0.652	0.886
DEBTRATIO	1.927	1.973	0.038	0.734	1.318	2.384	10.772
INVEST	0.390	0.422	0.020	0.141	0.257	0.472	2.984
SIGMA	0.160	0.091	0.003	0.101	0.145	0.202	0.671
BETA	0.645	0.744	−1.490	0.177	0.581	1.043	2.727
STDSALE	0.303	0.255	0.011	0.142	0.229	0.373	1.583
STDOCF	0.094	0.064	0.011	0.053	0.078	0.117	0.657
OPNINT	1.347	1.806	0	0	1	2	13
AGE	3.618	0.381	2.197	3.367	3.689	3.932	4.249
CS	1.159	0.953	0	0	1	2	4
FINANCING	0.520	0.500	0	0	1	1	1

Panel A. Descriptive statistics (n = 1,976)
Variables	Mean	Std. dev	Minimum	Q1	Median	Q3	Maximum
Dependent variables
DEVIATION1	0.009	0.702	−0.997	−0.454	−0.044	0.273	3.662
DEVIATION2	0.631	0.666	0.042	0.293	0.442	0.691	6.175
DEVIATION3	0.211	0.227	0.037	0.106	0.140	0.226	2.844
DEVIATION4	1.583	1.237	0.230	0.856	1.193	1.790	6.708
Independent variable
TRUSTTL	21.672	18.056	0	10	17	28	183
Control variables
INSTOWN	0.590	0.316	0.000	0.375	0.700	0.848	0.999
BDINDEP	0.666	0.182	0.000	0.600	0.600	0.800	1
ROA	0.152	0.142	−0.288	0.061	0.133	0.232	0.661
INVREC	0.509	0.186	0.101	0.375	0.499	0.652	0.886
DEBTRATIO	1.927	1.973	0.038	0.734	1.318	2.384	10.772
INVEST	0.390	0.422	0.020	0.141	0.257	0.472	2.984
SIGMA	0.160	0.091	0.003	0.101	0.145	0.202	0.671
BETA	0.645	0.744	−1.490	0.177	0.581	1.043	2.727
STDSALE	0.303	0.255	0.011	0.142	0.229	0.373	1.583
STDOCF	0.094	0.064	0.011	0.053	0.078	0.117	0.657
OPNINT	1.347	1.806	0	0	1	2	13
AGE	3.618	0.381	2.197	3.367	3.689	3.932	4.249
CS	1.159	0.953	0	0	1	2	4
FINANCING	0.520	0.500	0	0	1	1	1

Note(s): This table provides a comprehensive summary of the descriptive statistics for the study's variables, including the means, standard deviations, and the range (minimum, first quartile Q1, median, third quartile Q3, maximum) for each variable. The variables are categorized into dependent variables, the main independent variable, and control variables, all of which are defined in Appendix A

Source(s): Authors’ own work

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